Briefly describe the structure and functions of the board of directors in a large company.
What will be an ideal response?
Stockholders elect a board of directors to oversee the organization. The board, led by the chairperson, makes major decisions affecting the organization, subject to corporate charter and bylaw provisions. Boards select, assess, reward, and perhaps replace the CEO; determine the firm's strategic direction and review financial performance; and assure ethical, socially responsible, and legal conduct. The board's membership usually includes some top executives, called inside directors. Outside members of the board typically are executives at other companies. Successful boards tend to be those who are active, critical participants in determining company strategies.
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The ________ measures a company's ability to generate cash for expansion, for other forms of improved operations, or for increased returns to stockholders
a. net cash flow from operating activities b. free cash flow c. restricted cash d. net change in cash
Johnnycake Restaurant uses a periodic inventory system and the gross method of accounting for purchases. Prepare general journal entries to record the following transactions for Johnnycake:Aug. 10Johnnycake purchased merchandise on credit from Foster Foods for $9,000, terms 2/10, n/30, FOB destination. Transportation costs of $350 were paid by Foster. 12Johnnycake returned $600 of merchandise from the August 10 purchase. 19Johnnycake paid Foster for the August 10 purchase.
What will be an ideal response?
Which of the following forms of business organization limits the liability of owners?
A) sole proprietorship B) general partnership C) two person partnership D) corporation
_____ is the primary promotional method for the sale of all business products.
A. Direct mail B. Advertising C. Personal selling D. Public relations E. Trade promotions